The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1887-12-30

OF coin. Both these metals have been
Interchangeable for coin at some fixed
ratio between the two from time i'm
memorial. When either of these metal:
Is excluded from the mint it is demone-
tized.
Austria and Germany excluded gold
from their minis in 1857, as before
stated, and thereby demonetizeii gold
Other nations discussed the question OF
the demonstration of gold, and prob
ably would have followed the example
OF Germany and Austria if the gold
mines had continued as productive as
when first discovered and no silver
mines had been found, because the
bondholder has fond attachment for
that particular precious metal which
for the time being, is scarcer and more
difficult to obtain than the other. He
would make a debt contracted to BE-
paid in copper payable in diamonds OF
the same weight if he could accomplish
it, and his power in the monetary world
has always been nearly, Il not quite,
irresistible.
REORGANIZATION OF SILVER.
After the war between Germany and
France, and after the Comsto:k mines
had been so developed that the produc-
ton of silver was likely for time to
exceed that of gold. Germany changed
her tactics and excluded silver from her
minis, win the avoWed obi CT OF en-
HANGING the value of bonds. In 1873
the silver dollar was omitted from the
list of coins OF the United States. will
not stop to discuss the history of that
legislation. If ANYBODY knew at the
time that the silver dollar was omitted
from the list of coins certainly nobody
knew the effect of such omission.
Nearly every member of Congress of the
two Houses appeared to be ignorant of
where. when, or how silver was de-
monetized. The country never under
stood that one-half of the world money
was 10 be destroyed. No such question
was discussed among t. he people. The
President of the United States did not
know that he had signed a bill demon
etizlng silver for nearly two years after
he had signed the mint bill, and on the
day he Signed the specie resumption
act he sem d special message to Con
gress wherein he advocated the erection
OF one or more minis at Chicago, st.
Louis, Or Omaha, for the purpose of
coming enough silver to meet the
requirements of the RESUMPTION act.
The reason why it was not generally
understood t. at silver was demonetized
in the United States for several wears
after the passage of the act was because
some of the mInts of the civ lized world
continued to receive silver and treat it
as a money metal, bnt before the expira.
ton of the year 1875 all the nipts of
Europe aud the United States we're
closed against silver, and that metol fell
within the following year about 10 per
cent.
PARTIAL RECONCILIATION OF SILVER.
Then followed the act of February,
1878. under which the government has
purchased two million dollars worth of
silver per month and melted it no coin
This made marker Tor i yer to the
extent of tWenty-four millions a year,
but 1t did not remonetiZ9 it The gov
eminent purchased it At the lowest
market price; in fact, purchased il ac-
cording to the English quotations.
UNFRIENDLY ATTITUDE OF THE EXECUTIVE
DEPARTMENT.
The last Administration left silver at
a discount OF 10 per cent. The depress
ing effect OF the unfriendH attitude OF
the present Administration, which has
followed the policy of several of lis
prede cessors, has been most dam cling
to silver. The reinforcement of the
Administration by the DEM
ocratic against the use of that metal as
mon Y has caused a further decline of
a out 10 per cent, until the mark t
price of silver as compared with gold is
more than % per cent. discount.
WHO Is BENEFIrE' BY THE WAR CO..
SILVER?
The question naturally arises, Who is
benefited by this war on silver? lhe
gues ion is easily answered-the orig
inal promoters Of the scheme openly !
ayowe0 the purpose-lt was to |
enhance the value OF bonds. In !
edness of all tn nations Of the !
world is $26 600 600 900; the national |
debts OF Europe and America are $25.- |
OO1 600 0OO. 1t is estimated that other |
which are regard d as Sc
curities, including corporate debts both |
public and private, and mortgage Sc !
curieieS, are about three times as great |
as the national debts say $40, 600 OG0,-
600 These added to the national debts |
give grand total of 100000 co. zoo |
Ii, when Ib' sc debts were contracted !
there were 81 900 0O0 GOO OF metal cur
reucy in circulation IL Europe and |
America and that alter such contracts |
" ere made the amount of Iconev in cir |
culation was reduct to $1,000 0C0,00s. |
it is ina ifest that such Indebtedness |
would be doubled In other words, 1t |
wouid take twice as many days of toll. |
twice as many Bushels of wheat, and !
twice as many BALES of cotton % pay |
these debts as il would before the re-
1uetion. The absolute characterization !
Of silver would certainly work that re-
1uctiGn, and mat is why silver mas |
1een excluded from the nints of Europe |
and the United States
THE BoNDhoLDERs OF THn UNITED STATES. |
The bondholders of the United States |
aave always operated IA conjunction |
With the bondholders Of Europe. The
injustice of their present demand thai